Planning is a primary function of management that focuses on future courses of action. It involves setting objectives, analyzing alternatives, and making decisions. The key steps in the planning process are: 1) Analyzing opportunities and threats, 2) Setting objectives, 3) Determining assumptions about the future, 4) Identifying alternative actions, 5) Evaluating alternatives, 6) Selecting an action plan, 7) Formulating subordinate plans, 8) Implementing plans, and 9) Reviewing results. Planning establishes a framework for achieving goals efficiently and on schedule.
The document discusses various concepts related to planning including:
1. Planning involves establishing goals and determining a course of action to achieve those goals through decision making.
2. There are different types of plans like strategic, tactical, and operational plans developed at the corporate, business, and functional levels.
3. Effective planning is goal-oriented, flexible, comprehensive, and economical. Barriers to planning include external factors and resistance to change.
The document discusses different types of planning based on breadth, time frame, specificity, and frequency of use. Strategic plans apply to the entire organization and establish long term goals, while operational plans cover shorter time periods and specific operational areas. Plans can also be categorized as long term versus short term based on duration, and as specific versus directional based on the level of definition. Additionally, single-use plans are designed for unique situations while standing plans provide ongoing guidance for repeated activities.
The fundamentals in this slide presentation are important in understanding the concept of planning, the various types of plans, and the strategic management process
Planning is the process of envisioning a desired future and determining effective ways to achieve important goals. It involves setting objectives, considering alternative approaches, and selecting the best course of action. Planning helps organizations function effectively by establishing guidance, utilizing resources efficiently, and coordinating activities. Key steps in the planning process include establishing objectives, developing assumptions about the future environment, evaluating alternatives, and selecting a plan.
PLANNING IN MANAGEMENT,DEFINITION CHARACTERISTICS, IMPORTANCE AND LIMITATIONSAMALDASKH
Planning is the primary function of management and involves determining the best course of action in advance to achieve organizational objectives. Planning has several key characteristics including being an intellectual process that looks to the future, being continuous, and being required at all levels of management. Planning provides advantages such as better resource utilization, minimizing uncertainties, and improving competitive strength. The planning process involves analyzing internal and external environments, setting objectives, developing alternative courses of action, and carrying out the chosen plan.
Planning is an essential function of management that involves determining goals and methods for achieving them. The document discusses strategic planning and operational planning. Strategic planning focuses on long-term organization-wide goals, while operational planning focuses on short-term goals and implementation methods at the manager level. A case study example demonstrates a pharmaceutical company undertaking a long-term, formal, proactive operational planning process to enter the obesity drug market. Key steps included gathering market data, analyzing opportunities and risks, formulating a multi-year business plan, and implementing and monitoring progress according to the plan.
The document discusses different types of plans organizations use for training: short-range and long-range plans. It also outlines key components of planning including objectives, policies, strategies, procedures, programs, budgets, and rules. Objectives are goals or purposes that guide organizations and are essential to the planning process. Policies provide guidance for decision making. Procedures provide step-by-step directions for carrying out activities. Rules define allowed and prohibited behaviors. Programs implement policies to achieve objectives. Budgets allocate resources over different time periods from long-term to current.
The document outlines the key elements of an effective planning system based on the author's evaluation of business and institutional development project plans. The essential elements include: clearly communicating objectives, goals, and expected outcomes; establishing timelines for implementation activities; estimating anticipated costs and confirming funding sources; and incorporating mechanisms for monitoring, supervision, evaluation, and control. The planning system should also address sustainability, compliance issues, and acknowledge any necessary support received.
The document discusses various concepts related to planning including:
1. Planning involves establishing goals and determining a course of action to achieve those goals through decision making.
2. There are different types of plans like strategic, tactical, and operational plans developed at the corporate, business, and functional levels.
3. Effective planning is goal-oriented, flexible, comprehensive, and economical. Barriers to planning include external factors and resistance to change.
The document discusses different types of planning based on breadth, time frame, specificity, and frequency of use. Strategic plans apply to the entire organization and establish long term goals, while operational plans cover shorter time periods and specific operational areas. Plans can also be categorized as long term versus short term based on duration, and as specific versus directional based on the level of definition. Additionally, single-use plans are designed for unique situations while standing plans provide ongoing guidance for repeated activities.
The fundamentals in this slide presentation are important in understanding the concept of planning, the various types of plans, and the strategic management process
Planning is the process of envisioning a desired future and determining effective ways to achieve important goals. It involves setting objectives, considering alternative approaches, and selecting the best course of action. Planning helps organizations function effectively by establishing guidance, utilizing resources efficiently, and coordinating activities. Key steps in the planning process include establishing objectives, developing assumptions about the future environment, evaluating alternatives, and selecting a plan.
PLANNING IN MANAGEMENT,DEFINITION CHARACTERISTICS, IMPORTANCE AND LIMITATIONSAMALDASKH
Planning is the primary function of management and involves determining the best course of action in advance to achieve organizational objectives. Planning has several key characteristics including being an intellectual process that looks to the future, being continuous, and being required at all levels of management. Planning provides advantages such as better resource utilization, minimizing uncertainties, and improving competitive strength. The planning process involves analyzing internal and external environments, setting objectives, developing alternative courses of action, and carrying out the chosen plan.
Planning is an essential function of management that involves determining goals and methods for achieving them. The document discusses strategic planning and operational planning. Strategic planning focuses on long-term organization-wide goals, while operational planning focuses on short-term goals and implementation methods at the manager level. A case study example demonstrates a pharmaceutical company undertaking a long-term, formal, proactive operational planning process to enter the obesity drug market. Key steps included gathering market data, analyzing opportunities and risks, formulating a multi-year business plan, and implementing and monitoring progress according to the plan.
The document discusses different types of plans organizations use for training: short-range and long-range plans. It also outlines key components of planning including objectives, policies, strategies, procedures, programs, budgets, and rules. Objectives are goals or purposes that guide organizations and are essential to the planning process. Policies provide guidance for decision making. Procedures provide step-by-step directions for carrying out activities. Rules define allowed and prohibited behaviors. Programs implement policies to achieve objectives. Budgets allocate resources over different time periods from long-term to current.
The document outlines the key elements of an effective planning system based on the author's evaluation of business and institutional development project plans. The essential elements include: clearly communicating objectives, goals, and expected outcomes; establishing timelines for implementation activities; estimating anticipated costs and confirming funding sources; and incorporating mechanisms for monitoring, supervision, evaluation, and control. The planning system should also address sustainability, compliance issues, and acknowledge any necessary support received.
Staffing is the process of acquiring, deploying, and retaining a qualified workforce. It involves manpower planning, recruitment, selection, training and development of employees. Staffing ensures the organization has sufficient staffing levels and capabilities to achieve its goals. It is a vital management function and an open system linked to internal needs and external environment factors. Recruitment creates a pool of candidates while selection differentiates between applicants to identify the best candidates for hire. Training and development helps improve employee skills, efficiency and organizational effectiveness over the long term. Staffing is critical for organizational success in today's competitive business world.
An organization is a collection of people working together to achieve common goals. Organizing has several benefits like specialization, role clarity, efficient use of resources, coordination, adaptability, and growth. The principles of organization include unity of objectives, specialization, coordination, authority, responsibility, delegation, efficiency, unity of command, span of control, balance, communication, flexibility, simplicity, and personal ability. Organizations can be formal or informal. Formal organizations have defined roles and hierarchies while informal organizations are social networks that form naturally. Both have advantages and disadvantages for communication and adaptability.
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This document discusses planning, including its meaning, nature, importance, advantages, disadvantages, and process. Planning is deciding in advance what to do, how to do it, when to do it and who to do it. It is goal-oriented, pervasive, efficient, helps with coordination and flexibility. Planning helps set objectives, avoid uncertainty, coordinate activities, and run organizations effectively. While planning is important, it can also be costly and delay action. The planning process involves analyzing internal and external environments, setting objectives and forecasts, identifying alternatives, and reviewing plans. There are different types of planning like corporate, divisional, group, and departmental planning.
Introduction to Management - Meaning, Nature, Scope, Levels of ManagementSumit Sharaf
Introduction & Definition of Management
Components of Management
Features of Management
Functions of Management
Level of Management
Management and Administration
Management as Profession
Significance of Management from the point of view of Modern Business Operations.
A formal statement of the financial resources set aside for carrying out specific activities in a given period of time. A budget is prepared for the effective utilization of resources. It is based on the implementations of a forecast and related to planned events.
Planning is setting objectives and developing courses of action to achieve objectives. It involves deciding in advance what to do and how to do it. Planning bridges the gap between the present state and desired position. Planning focuses on achieving objectives, is a primary management function, and is pervasive throughout all levels and departments of an organization. Planning is futuristic, continuous, and involves decision making. It is a mental exercise that requires foresight, imagination, judgment, and logical thinking rather than guesswork.
The document discusses planning in management and organizational behavior. It defines planning as determining future courses of action in advance and focusing on the future. Planning involves setting organizational goals, establishing strategies to achieve those goals, and developing plans for work activities. There are different types of plans including strategic plans, operational plans, long-term plans, and short-term plans. The planning process involves setting objectives, developing premises, identifying alternative actions, evaluating alternatives, selecting a course of action, implementing plans, and reviewing the planning process. Management by objectives is also discussed as a strategy where employees set goals and are evaluated based on goal achievement.
Planning is deciding in advance what actions need to be taken to achieve organizational goals. It involves setting objectives and determining alternative courses of action. Planning reduces uncertainty, utilizes resources effectively, and increases organizational effectiveness. The key steps in planning are establishing objectives and planning premises, identifying alternative courses of action, evaluating alternatives, selecting a course of action, implementation, and follow-up. Planning is important as it helps coordinate activities, control performance, encourage innovation, and strengthen competitiveness.
Operational planning involves short-term tactical actions to achieve strategic goals over a 6-month period. Key steps in operational planning include performing a SWOT analysis to identify internal strengths and weaknesses and external opportunities and threats. Goals are then formulated using the SMART framework and means or actions are identified for each goal. A work schedule, timetable, and budget are created to monitor progress. The plan should be regularly reviewed and updated through re-planning.
Planning is an essential function of management. Effective planning results in early achievement of objectives.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
Planning involves determining in advance what actions need to be taken to achieve goals. It is goal-oriented, continuous, and looks ahead to anticipate the future. The main steps in the planning process are to define the task, identify resources, consider alternatives, create the plan, implement the plan, and evaluate. Planning provides direction, reduces risk and uncertainty, and guides decision-making. Challenges to planning include lack of information, time/costs, resistance to change, and inability to plan. There are different levels of planning including corporate, divisional/departmental, and group/sectional planning at different management levels in an organization.
- Planning involves looking ahead and determining future courses of action. It establishes what needs to be done, how it will be done, and who will do it.
- Planning bridges the gap between the present and where the organization wants to go in the future. It makes things happen that otherwise would not.
- Some key characteristics of planning include that it is goal-oriented, involves looking ahead and preparation for the future, requires intellectual and analytical thought, involves decision making among alternatives, and is a continuous process as plans need regular review.
Planning in Management lecture 04_classabir hossain
This document discusses various aspects of management planning, including:
- The nature of planning involves contributing to organizational purpose/objectives, the primacy of planning preceding other functions, its pervasiveness across management levels, and measuring efficiency.
- Different types of plans including strategic, tactical, operational, contingency, and those with long, intermediate, and short time spans.
- The planning process involves setting objectives/goals, considering alternatives, choosing a course of action, and formulating supporting plans.
- The importance of planning is to offset uncertainty/change, focus on objectives, and facilitate economical and controlled operations.
- Barriers to effective planning can include inappropriate goals, reward systems, dynamic environments, and
The document discusses various aspects of planning including the nature, purpose, importance, forms, types, and steps involved in the planning process as well as its limitations. It describes planning as an intellectual process that helps managers set goals and make decisions. The key forms of planning discussed are strategic planning which is long-term and done at higher levels, and tactical planning which is short-term and done at lower levels. Important steps in planning include establishing goals, assumptions, alternative courses of action, evaluation and selection of the best course. Limitations include the time and cost of planning as well as difficulties maintaining flexibility.
What is a Importance of Planning in business organisation, point to point define here, planning reduces uncertainty, make objective clear, provide basic control,
This document provides an overview of planning concepts including:
1) Planning is defined as determining future courses of action in advance and involves setting goals, developing strategies, and creating plans.
2) There are different types of plans including strategic, operational, long-term, short-term, specific, and directional plans.
3) The planning process involves analyzing opportunities, setting objectives, determining premises, evaluating alternatives, selecting a course of action, and implementing and reviewing plans. Barriers to planning and criticisms of overly rigid planning are also discussed.
MANAGEMENT- DEFINITION, OBJECTIVES,CHARACTERISTICS AND FUNCTIONAMALDASKH
Management involves planning, organizing, leading, and controlling organizational resources and activities to achieve goals. It is the process of coordinating human and material resources efficiently to achieve defined objectives. Key functions include planning, organizing, staffing, directing, coordinating, motivating and controlling. Management aims to effectively utilize resources and accomplish group objectives through organized and coordinated team efforts. Administration determines overall policy and objectives, while management focuses on executing policy and achieving objectives.
Planning involves defining goals, strategies, and coordinated plans. It determines what to do, how, when, and by whom. Planning establishes objectives, assesses current status, identifies gaps, and develops hierarchical plans. It is goal-oriented, continuous, flexible, and involves choosing between alternatives. Planning provides direction, coordination, risk reduction, and facilitates control and decision-making. However, plans may create rigidity and not account for a dynamic environment. Effective planning requires top management support, participation, communication, and integration of plans.
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This document provides an overview of planning as a management process. It discusses planning as determining future courses of action, with consideration of objectives, activities, policies, and timing. Key features of planning discussed include it being a process, primarily concerned with the future, involving alternative selection, and undertaken at all organizational levels. The importance of planning is outlined in terms of primacy over other functions, offsetting uncertainty, focusing on objectives, coordination, and control. Steps in the planning process and types of plans are also summarized.
Planning involves establishing objectives, considering alternative courses of action, and developing detailed derivative plans. It is a continuous process that includes establishing planning premises, choosing the best alternative, securing cooperation from those implementing plans, and following up on plans through appraisal. Planning provides direction, reduces uncertainties, and minimizes random decisions. It is important for achieving goals and gaining competitive advantages.
Staffing is the process of acquiring, deploying, and retaining a qualified workforce. It involves manpower planning, recruitment, selection, training and development of employees. Staffing ensures the organization has sufficient staffing levels and capabilities to achieve its goals. It is a vital management function and an open system linked to internal needs and external environment factors. Recruitment creates a pool of candidates while selection differentiates between applicants to identify the best candidates for hire. Training and development helps improve employee skills, efficiency and organizational effectiveness over the long term. Staffing is critical for organizational success in today's competitive business world.
An organization is a collection of people working together to achieve common goals. Organizing has several benefits like specialization, role clarity, efficient use of resources, coordination, adaptability, and growth. The principles of organization include unity of objectives, specialization, coordination, authority, responsibility, delegation, efficiency, unity of command, span of control, balance, communication, flexibility, simplicity, and personal ability. Organizations can be formal or informal. Formal organizations have defined roles and hierarchies while informal organizations are social networks that form naturally. Both have advantages and disadvantages for communication and adaptability.
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This document discusses planning, including its meaning, nature, importance, advantages, disadvantages, and process. Planning is deciding in advance what to do, how to do it, when to do it and who to do it. It is goal-oriented, pervasive, efficient, helps with coordination and flexibility. Planning helps set objectives, avoid uncertainty, coordinate activities, and run organizations effectively. While planning is important, it can also be costly and delay action. The planning process involves analyzing internal and external environments, setting objectives and forecasts, identifying alternatives, and reviewing plans. There are different types of planning like corporate, divisional, group, and departmental planning.
Introduction to Management - Meaning, Nature, Scope, Levels of ManagementSumit Sharaf
Introduction & Definition of Management
Components of Management
Features of Management
Functions of Management
Level of Management
Management and Administration
Management as Profession
Significance of Management from the point of view of Modern Business Operations.
A formal statement of the financial resources set aside for carrying out specific activities in a given period of time. A budget is prepared for the effective utilization of resources. It is based on the implementations of a forecast and related to planned events.
Planning is setting objectives and developing courses of action to achieve objectives. It involves deciding in advance what to do and how to do it. Planning bridges the gap between the present state and desired position. Planning focuses on achieving objectives, is a primary management function, and is pervasive throughout all levels and departments of an organization. Planning is futuristic, continuous, and involves decision making. It is a mental exercise that requires foresight, imagination, judgment, and logical thinking rather than guesswork.
The document discusses planning in management and organizational behavior. It defines planning as determining future courses of action in advance and focusing on the future. Planning involves setting organizational goals, establishing strategies to achieve those goals, and developing plans for work activities. There are different types of plans including strategic plans, operational plans, long-term plans, and short-term plans. The planning process involves setting objectives, developing premises, identifying alternative actions, evaluating alternatives, selecting a course of action, implementing plans, and reviewing the planning process. Management by objectives is also discussed as a strategy where employees set goals and are evaluated based on goal achievement.
Planning is deciding in advance what actions need to be taken to achieve organizational goals. It involves setting objectives and determining alternative courses of action. Planning reduces uncertainty, utilizes resources effectively, and increases organizational effectiveness. The key steps in planning are establishing objectives and planning premises, identifying alternative courses of action, evaluating alternatives, selecting a course of action, implementation, and follow-up. Planning is important as it helps coordinate activities, control performance, encourage innovation, and strengthen competitiveness.
Operational planning involves short-term tactical actions to achieve strategic goals over a 6-month period. Key steps in operational planning include performing a SWOT analysis to identify internal strengths and weaknesses and external opportunities and threats. Goals are then formulated using the SMART framework and means or actions are identified for each goal. A work schedule, timetable, and budget are created to monitor progress. The plan should be regularly reviewed and updated through re-planning.
Planning is an essential function of management. Effective planning results in early achievement of objectives.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/ZEcPAc
Planning involves determining in advance what actions need to be taken to achieve goals. It is goal-oriented, continuous, and looks ahead to anticipate the future. The main steps in the planning process are to define the task, identify resources, consider alternatives, create the plan, implement the plan, and evaluate. Planning provides direction, reduces risk and uncertainty, and guides decision-making. Challenges to planning include lack of information, time/costs, resistance to change, and inability to plan. There are different levels of planning including corporate, divisional/departmental, and group/sectional planning at different management levels in an organization.
- Planning involves looking ahead and determining future courses of action. It establishes what needs to be done, how it will be done, and who will do it.
- Planning bridges the gap between the present and where the organization wants to go in the future. It makes things happen that otherwise would not.
- Some key characteristics of planning include that it is goal-oriented, involves looking ahead and preparation for the future, requires intellectual and analytical thought, involves decision making among alternatives, and is a continuous process as plans need regular review.
Planning in Management lecture 04_classabir hossain
This document discusses various aspects of management planning, including:
- The nature of planning involves contributing to organizational purpose/objectives, the primacy of planning preceding other functions, its pervasiveness across management levels, and measuring efficiency.
- Different types of plans including strategic, tactical, operational, contingency, and those with long, intermediate, and short time spans.
- The planning process involves setting objectives/goals, considering alternatives, choosing a course of action, and formulating supporting plans.
- The importance of planning is to offset uncertainty/change, focus on objectives, and facilitate economical and controlled operations.
- Barriers to effective planning can include inappropriate goals, reward systems, dynamic environments, and
The document discusses various aspects of planning including the nature, purpose, importance, forms, types, and steps involved in the planning process as well as its limitations. It describes planning as an intellectual process that helps managers set goals and make decisions. The key forms of planning discussed are strategic planning which is long-term and done at higher levels, and tactical planning which is short-term and done at lower levels. Important steps in planning include establishing goals, assumptions, alternative courses of action, evaluation and selection of the best course. Limitations include the time and cost of planning as well as difficulties maintaining flexibility.
What is a Importance of Planning in business organisation, point to point define here, planning reduces uncertainty, make objective clear, provide basic control,
This document provides an overview of planning concepts including:
1) Planning is defined as determining future courses of action in advance and involves setting goals, developing strategies, and creating plans.
2) There are different types of plans including strategic, operational, long-term, short-term, specific, and directional plans.
3) The planning process involves analyzing opportunities, setting objectives, determining premises, evaluating alternatives, selecting a course of action, and implementing and reviewing plans. Barriers to planning and criticisms of overly rigid planning are also discussed.
MANAGEMENT- DEFINITION, OBJECTIVES,CHARACTERISTICS AND FUNCTIONAMALDASKH
Management involves planning, organizing, leading, and controlling organizational resources and activities to achieve goals. It is the process of coordinating human and material resources efficiently to achieve defined objectives. Key functions include planning, organizing, staffing, directing, coordinating, motivating and controlling. Management aims to effectively utilize resources and accomplish group objectives through organized and coordinated team efforts. Administration determines overall policy and objectives, while management focuses on executing policy and achieving objectives.
Planning involves defining goals, strategies, and coordinated plans. It determines what to do, how, when, and by whom. Planning establishes objectives, assesses current status, identifies gaps, and develops hierarchical plans. It is goal-oriented, continuous, flexible, and involves choosing between alternatives. Planning provides direction, coordination, risk reduction, and facilitates control and decision-making. However, plans may create rigidity and not account for a dynamic environment. Effective planning requires top management support, participation, communication, and integration of plans.
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This document provides an overview of planning as a management process. It discusses planning as determining future courses of action, with consideration of objectives, activities, policies, and timing. Key features of planning discussed include it being a process, primarily concerned with the future, involving alternative selection, and undertaken at all organizational levels. The importance of planning is outlined in terms of primacy over other functions, offsetting uncertainty, focusing on objectives, coordination, and control. Steps in the planning process and types of plans are also summarized.
Planning involves establishing objectives, considering alternative courses of action, and developing detailed derivative plans. It is a continuous process that includes establishing planning premises, choosing the best alternative, securing cooperation from those implementing plans, and following up on plans through appraisal. Planning provides direction, reduces uncertainties, and minimizes random decisions. It is important for achieving goals and gaining competitive advantages.
Planning is the primary function of a manager. It involves deciding in advance what is to be done, how it is to be done, when it is to be done, and by whom. Planning bridges the gap between the present and desired future goals. Effective planning relies on accurate planning premises, which are assumptions about internal and external factors that may impact the organization and must be considered. Planning premises can be internal or external to the organization, tangible or intangible, and controllable, semi-controllable, or uncontrollable. Identifying appropriate planning premises is essential for successful strategic, operational, and long, medium, and short-term planning.
The document discusses various aspects of resource management including the management process, planning, implementation, and evaluation. It describes management as setting goals, planning, organizing, leading, and controlling activities to achieve objectives efficiently. Planning involves selecting objectives and actions to achieve them and is a decision-making process. Implementation is the execution of plans by carrying out activities and careful observation. Evaluation assesses whether objectives were met and determines if adjustments are needed to plans, implementation, or objectives.
Planning is a key management function that involves establishing objectives and strategies for achieving goals. It requires looking ahead to potential opportunities and challenges, and determining the best courses of action. The planning process includes setting objectives, analyzing the environment, identifying alternative strategies, choosing a strategy, developing plans, and monitoring implementation. Planning establishes direction and guides the other management functions of organizing, leading, and controlling. It is essential at all levels of management and in all departments to ensure efficient and effective operations.
This document provides an overview of the Construction Management and Entrepreneurship course. The course aims to help students understand the construction management process, solve issues professionals face, and fulfill professional obligations effectively. Module 1 focuses on management concepts like the characteristics, functions, and importance of planning. It also discusses construction project formulation, planning and scheduling, and different management styles. Key terms defined include management, planning, project organization, and the functions of a project manager related to scope, time, cost, and quality.
The essence of management is planning. To start a new things every people and organization first set the planning process. It is one of the essential and major beginning functions of management.
Planning is the process of determining objectives and deciding in advance how to achieve them. The document outlines the planning process, including establishing objectives, determining premises and alternatives, evaluating alternatives, selecting a course of action, formulating supporting plans, and reviewing. It also discusses types of plans like strategic and tactical plans. Effective planning focuses attention on objectives, reduces uncertainty, and provides direction to help organizations achieve their goals.
UNIT - III: PLANNING AND CONTROL: Concept- Process and Types; Decision making
concept and process; Bounded rationality; Management by objectives; Corporate Planning;
Environment analysis and Diagnosis; Strategy Formulations; Managerial Control- Concept
and process - Designing an Effective Control System - Techniques - Traditional and Modern
(PERT and CPM).
This document discusses corporate planning and environmental analysis. It defines corporate planning as a systematic process that involves establishing objectives and premises, choosing alternative courses of action, formulating derivative plans, securing cooperation, and following up on plans. It also outlines the key elements of corporate planning like communication strategy, strategic planning task force, vision and mission statements, values, goals, objectives, tasks, and implementation strategy. The document then discusses the internal and external environmental analysis processes, including tools like PEST, SWOT, and analyzing markets, competitors, customers, suppliers, distributors, and publics.
Planning is the fundamental management function that involves deciding objectives and developing courses of action to achieve objectives. It helps organizations prepare for the future. There are three types of planning: strategic planning sets long-term goals, tactical planning supports strategic plans at lower levels, and operational planning focuses on day-to-day procedures. The planning process involves establishing objectives, identifying alternatives, evaluating alternatives, selecting plans, formulating supporting plans, and establishing activity sequences. Barriers to effective planning include lack of leadership, excessive distractions, lack of proper systems, limited resources, and inadequate funding. Forecasting uses past and present data to predict future economic conditions and helps businesses plan for uncertainty.
Planning is an intellectual process that involves determining courses of action based on purpose and consideration of factors. It is a goal-oriented, primary, pervasive, and continuous managerial function. The planning process involves perceiving opportunities, establishing objectives, considering planning premises, identifying alternatives, evaluating alternatives, choosing plans, and formulating supporting plans through budgeting. Planning aims to manage by objectives, offset uncertainty, secure economy, help coordination, and increase effectiveness. It occurs at strategic, tactical, long-term, intermediate, and short-term levels.
The document outlines the 8 main steps in the planning process:
1) Identifying opportunities by understanding the external and internal environments.
2) Setting objectives to provide direction. Objectives should be specific, measurable, and interconnected.
3) Determining planning premises about internal and external factors that will affect plans. Alternative premises are developed and verified.
4) Determining alternative courses of action available to achieve objectives.
5) Evaluating alternatives in light of goals and premises.
6) Selecting the ideal alternative based on analysis and achieving goals efficiently.
7) Formulating supporting plans like policies and budgets to implement the main plan.
8) Quantifying plans by creating budgets to standardize measurement
Planning - Meaning and Definition – Nature – Objectives – Advantages and Disa...Jumanul Haque
This document discusses the key functions of management according to various scholars. It focuses on planning as the most crucial function. Planning involves setting goals and strategies to achieve those goals. It reduces uncertainty and helps organizations use their resources efficiently to achieve objectives. The document outlines the planning process and different types of plans like operational, tactical, and strategic plans. It also discusses organizing, which involves grouping tasks, assigning roles, and coordinating activities to accomplish goals.
Management planning & implementationHomework Guru
Planning is the most important function of management and involves deciding in advance what to do, how to do it, when to do it, and who will do it. The document discusses the definitions, nature, and importance of planning. It explains that planning involves setting objectives and strategies, establishing premises, identifying alternatives, evaluating alternatives, and selecting a plan. The key steps in planning are establishing objectives and premises, identifying alternatives, evaluating alternatives, selecting an alternative, formulating supportive plans, and establishing sequences of activities. Planning allows organizations to anticipate changes, adapt to changes, and work towards goals in an integrated and flexible manner.
The document discusses the concept of planning in management. It defines planning as selecting objectives and actions to achieve goals by looking ahead. Effective planning involves establishing objectives and premises, considering alternative courses of action, developing derivative plans, securing cooperation in implementation, and evaluating the results. Planning bridges the gap between current and desired future states and facilitates management by preparing for uncertainties. It is important but time-consuming and success depends on external factors outside one's control.
The document discusses various aspects of planning including definitions, elements, nature and scope, importance, advantages, limitations, essentials, types, and steps in the planning process. Planning is defined as a conscious determination of courses of action based on purpose, knowledge, and estimates to make future decisions. The key elements of planning include objectives, resources, actions, responsibilities, and timelines. Planning aims to reduce uncertainty and facilitates control while allowing for innovation. Effective planning requires clear objectives, information systems, forecasting, flexibility, and cost-benefit analysis.
This document discusses the management process of planning. It defines planning as deciding what is to be done, when it is to be done, how it is to be done and who is to do it. Planning is the first function of management and all other functions depend on it. The document outlines the nature, importance, principles, elements/components and steps involved in the planning process. It also discusses different types of planning such as directional, administrative and operational planning.
Planning is a primary managerial function that focuses on defining future goals and selecting actions to achieve those goals. It involves establishing objectives, strategies, and plans. Managers plan to provide direction, reduce uncertainty, improve efficiency, and facilitate control. The planning process includes determining objectives and premises, developing alternatives, evaluating alternatives, selecting a course of action, formulating derivative plans, and implementing and reviewing plans. Planning establishes standards and allocates resources to accomplish organizational goals.
1. Unit4: Planning
Meaning and Definition of Planning
Planning is the primary function of management. It focuses on the future course of action.
It specifies the objectives to be achieved in future and selects the alternative course of
action to reach defined objectives. It also involves many activities like analyzing and
decision making about technical, personnel, financial, and other elements essential to
implement predetermined course of action. Thus, planning is mental and paper activities
which look ahead for drawing the future course of action.
In other words, planning is intellectual process which is concerned with deciding in
advance what, when, why, how, and who shall do the work. Generally, manager defines
goals and takes necessary steps to ensure that these goals can be achieved in efficient
manner. Planning reflects vision, foresight and wisdom. Thus, it is the blue print of action
and operation. Following are the important definition of planning:
“Generally speaking, planning is deciding in advance what is to be done” W H Newman
“Planning is that function of manner in which he decides in advance what he will do. It is a decision
making process of a special kind, its essence is futurity.” Hayness and Massie
“Planning is deciding in advance what to do, how to do, when to do and who is to do it. Planning
bridges a gap between from where we are to where we want to go”
Harold . Koontz and O’Donnel.
“ Planning is the selecting and relating of facts and the making and using of assumption regarding the
future in the visualization and formulation of proposed activities believed necessary to achieve desired
results” George R Terry
From the above definition, we may come into conclusion that planning is
predetermination of objectives and intellectual course of action to be taken to achieved
defined goal effectively and on time.
Generally, planning involves the following elements;
1. Establishment of organizational objectives and policies.
2. Identification of alternative courses of action and programs
3. Selecting the best course of action and programme.
2. 3. Procedure of Planning
For systematic approach to planning, it is essential to complete some procedures
or steps. The major steps of planning are as follows:
Procedure of Planning
Analyze Setting Determination
Opportunities Objectives of Premises
Implementation Reviewing the Determination
Of plan planning process of alternatives
Formulation of Selecting a Evaluation of
Derivative plan course of Action Alternatives
Figure: Procedure of Planning
1. Analyze Opportunities: Generally, this is not a step of planning. It is
known as pre-step of planning. It is essential to make a successful plan.
The management has to analyze strengths; weakness, opportunities and threats
(SWOT) of changing environment of the business. Here, strengths and
weaknesses are internal environment of the enterprise like availability of
materials, machines, manpower, organizational structural technology etc.
In the similar manner, opportunities and threats are external environment
and affected by many factors like government rules, economic condition,
competitors strategy customers taste, social and cultural believes etc. it is essential
to make detail study about the above factors and should be pointed clearly.
2. Setting objectives: This is the first and real starting point of planning.
The objectives must be specific, clear and practical. They should be time bound
and expressed in numerical terms. They should not be idealistic or over ambitious.
A minor mistake in setting objectives might affect in implementation of plan.
Thus, management has to define objectives in clear manner by considering
organizational resources and opportunities. After clarification of specific
objective, it should be broken down into different departments, branches, sections
and individuals.
3. Determination of premises: After setting objectives, another step of
planning is to determine premises. Premises are the assumptions about the future
3. in which the planning is implemented. They provide environment and boundaries
for the implementation of plan in practical operation. The future environment will
be established through forecasting. They provide present trend and future
possibilities. These premises may be tangible and intangible and external.
(a) Tangible and intangible: Tangible premises involve capital
investment, unit of production, units sold, cost per unit, time
available etc. Similarly, intangible premises involve employees moral,
goodwill, motivation, managerial attitude, etc.
(b) Internal and external: Internal premises involve money, materials,
Machines and managements. In the similar manner, external factors
involve competitors strategy, technological change, government
policy, social and cultural beliefs etc.
4. Determination of alternatives: The next step, after establishment of
objective and premises of the planning is to discover the various alternative courses of
action for the achievement of organizational objectives. For this purpose, it is essential to
identify all the possible hidden alternatives. The information about alternative courses of
action may be obtained from primary and secondary sources. There must be search for
the best alternative. The management must develop alternatives through the support of
experienced and intellectual experts in management sectors. The determination of
alternative courses of action is the basis of development, and therefore, they must be up-
to-date and reliable for the organization.
5 Evaluation of alternatives: This is another step after
determination of alternative courses of action to evaluate them from their expected cost
and benefits. This is the logical step to evaluate each alternative from its plus and minus
points. Each alternative is studied and evaluated in terms of some common factors such
as risk, responsibility, planning premises, resources, technology etc. Thus, management
must implement a broad basis of requirement; it may borrow techniques of analysis from
many disciplines such as mathematic, sociology, economics, psychology etc. In
conclusion, evaluation techniques must be scientific and practical so that one of the best
courses can be selected.
6 Selecting a course of action: Next step of the planning after
evaluation of alternative courses of action is to select a best course of action. At that time
of selection of one course of action, management has to consider past experience, present
situation and future contingencies of such decision. In practical sense, this is the first step
in the real point of decision. Thus, it is essential to consider about the various premises
and environments of an organization and their impact on future course of action. Besides,
it is needed to forecast about the comparative costs and benefits factors. The evaluation
of these factors will provide guidelines and suggestions in practical implementation of
plan.
7 Formulation of derivative plans: This is the next logical step after the
selection of a course of action. After the selection of course of action, it is essential to
formulate action plans for each step of work and to all departments of the organization.
4. These action plans involve formulation of policies, rules, schedule and budget to
complete defined objectives. Thus, formulation of derivative plans is an essential step in
planning process. It is difficult to implement main plan without formulation of derivative
plan without formulation plan. For example, management has decided introduce a new
product in the line, for this purpose it has to prepare plans for product design, plan and
equipment, staffs, production process, market strategy, budget etc. This is helpful to
implement in practical field.
8 Implantation of plans: This is one of the significant steps of
planning. Without this step, other this procedure of plan will remain as paper work. This
step brings all the procedure of plan into action. For implementation plan, management
has to take some steps such as to communicate with subordinates who initiate to plan into
action; provide necessary instruction and guidance; make arrangement of all resources
like materials, machines, money, equipments etc; make timely supervision and control
over subordinates.
9 Reviewing the planning process: The planning procedure is
continuous function up to the attainment of defined objectives. For this purpose,
evaluation of achievement of work, according to the time, is necessary to know about
actual performance. The manager can take corrective action in proper time only after
evaluation of actual performance. The right decision at the right time is necessary to
achieve objectives according to the plan. It is also essential to adjust with changing
environment of the business.
4 Types of planning
Planning is the formal process and schedules to complete the work. Every
organization has to prepare a plan to achieve predetermined objectives in proper time.
However, the types of plan depend upon the nature and sizes of the organizations. Plan
may be prepared by prepared either for short period or long period or may be prepared by
top level management or operational level management. The following are the major
types of plan prepared in the organization:
I, Corporate or strategic plan
Ii Tactical or Division plan
Iii Operational or Unit plan
i. Corporate or Strategic Plan: This plan is prepared by the top level
management by taking the long term objectives of the organization into consideration. It
clearly defines the objectives of the organization and strategies to achive the defined
objective. Here goal focuses on the result that an organization wants to achieve. It is the
end point of planning. In the similar manner, strategies involve the clear explanation
about how to achieve the defined objectives. They consist of programs, policies and
schedules to utilize properly the available resources of the service, market, competition,
social responsibility, introduction of technology, public image etc. As strategies are for
the long term future course of action, they are based on analysis of future opportunities
5. and threats. Hence, there is a high degree of uncertainty in strategic plans. A minor
negative impact of an environment may inverse impact on organizational performance.
Thus the top level management has to modify strategic plan on the basis of time, situation
and requirement.
ii Tactical or Division Plan: Tactical plan is prepared by the middle level
management It is consistent with corporate plan. In simple words, it is the sub-division of
corporate plan to implement in practical field. Here, divisional managers identify the
priorities of the works. They focus to allocate work and resources on the basis of
programs. It is prepared to allocate divisional activities like production, finance,
marketing, personal and others. It focuses to get the things done complete. Basically
divisional plan is based on divisional strength and threats. This plays a mediator role
between corporate and operational plans.
iii Operational or Unit Plan: This plan is prepared by the lower level
management. It is consistent with tactical plant. In simple sense, it is the action plan of
each and every activity of the department. It prepares the schedule of each and every
department. It prepares schedule of each unit of work and implement tactical plan in
practical field. It is concentrated in the best use of available resources. For this purpose,
operating level of management prepares plan and schedule of each stage of work of a unit
or department. For instance, it prepares regular production schedule of a production
department so that priority should be given to regular production process. In the similar
manner, short term operational plan are also prepared for other units like marketing,
finance, personal etc. In conclusion, this plan concentrates in best utilization of resources
under the control of concerned unit.
5. Advantages (Benefits/Importance) of Planning
Planning is the foundation of the organization. It is the primary function of
management which clearly defines the organizational objectives and line of action. The
quality of planning is important for successful operation of the organization. The
following points clarify the importance of planning in the organization:
Advantages of Planning
Goal Focus
Minimize Uncertainty
Improve efficiency
Facilitates to Control
Innovation and Creativity
Better Coordination
Ensures Commitment
Aid to Business Success
Brings Systematization
7. i. Goal Focus: Planning helps to focus the attention of the managers and
subordinates towards organizational objectives. It predetermines the objectives and
defines line of action to complete the work. Management of any organization is formed to
attain defined objectives. Thus, good management is the management by objectives.
Planning facilitates to make management by objectives. It serves as the blue print of the
course of action and eliminates the unnecessary and useless activities. It focuses to
priorities and facilitates to take right decision at the right time.
ii. Minimize uncertainties: Planning is one of the important tools to forecast
and anticipate future uncertainties and risks. The management has to work in an
environment which is uncertain and ever changing. The change in environment may
occur due to economic, social, political and technological changes. Planning helps an
enterprise to make study about future challenges and uncertainties which may arise in the
future course of action. Thus, it helps management to face future which greater strength
and confidence. The systematic and practical planning provides guidelines to the
management to complete the work in efficient manner.
iii. Improve efficiency: One of the parts of planning is to select a best course of
action by evaluating many alternatives. While selecting a course of action, the benefit of
the organization is taken into consideration. It also provides guidelines and procedures to
complete the work. It also helps for the optimum utilization of resources, avoiding
wasteful efforts and money and minimizing wastage. Besides, it also avoids the concept
of trial and error or hit and misses and defines a clear line of action. The selection of best
cause of action, definition of clear line of action ad optimum utilization of resources
contribute to improve overall working efficiency of the organization.
iv. Facilitates to control: Planning is the basis of control. It defines the
minimum standard of work to be achieved and time to complete the job. It is helpful to
compare the actual performance achieved with that of predetermined or standard fixed.
The manager evaluates the actual achievement of work interval of time. This is helpful to
identify the deviation, if any, between actual and planned performances. In case any
deviation is there, the management can take necessary steps so that defined work can be
completed in given time. Thus, planning makes control meaningful and effective.
v. Innovation and creativity: Planning encourages innovative thought and
creative action among the managers. An effective planning encourages managers to think
about new knowledge, idea, procedures, technique and strategy for the completion of
work. It also helps to create new modified course of action. This is essential for the
growth and expansion of working areas of the business. It contributes to motivate and
develop moral among the employees. It is also helpful to maintain up-to-date position in
business operation and face business complexity. Thus, planning is the base of
management. The managers innovate and create new strategy to complete the
predetermined work in this ever-changing environment.
8. VI Better Coordination : Planning plays an important role to facilitate better
coordination among all the authorities and units of the organization. It clearly defines in
advance what, when, and by whom the work should be done. For this purpose, it clarifies
the authority and responsibility of each and every employee from top level of the
organization. This is helpful to harmonize the relationship between all employees and
develop feeling of team spirit or group work among them. In absence of proper planning
of interrelated units, it is difficult to accomplish goal and there is possibility of wastage of
resources. Thus, planning is the primary instrument to facilitate better coordination in the
organization.
Vii Ensure Commitment : Planning ensures commitment of the
management towards organizational goal. It set the feelings of responsibility of
managers. It facilitates to convert individual goals to organizational objectives. It clearly
defines authority and responsibility of each and every authority. No one can avoid or
divert his responsibility to others. Planning also develops the sense of team spirit and
group work.
Viii Aid to Business System : Planning is the initial tool to business
success. It plays a key role for the successful operation of the business. It helps to select
the best course of action among many alternatives and defines clear line of action.
Besides, it brings unity in action, minimizes cost and effort and coordinates among all the
members of the organization. Ultimately, it helps to develop working efficiency and to
achieve predetermined goals in an effective way. Thus, planning is the best for the
successful operation of business activities. It is known as the key to business activities.
Ix Brings Systemization : Planning contributes to develop a system
and uniformity in organizational performance. It clearly defines authority and
responsibility of each and every employee from upper to subordinate levels. It integrates
and unites all the possible efforts of the organization. It avoids random activity and the
concept of trial and error. It provides order rationality to the organization. It brings
maturity in decision and makes simplification on its implementation. It brings
coordination to complete the work in systematic and efficient manner and ultimately
helps to minimize time and cost.
Therefore, planning is essential function for the successful completion of
organizational performances so that it can adjust itself in this competitive and ever
changing environment of the society. It plays an important role to maintain unity in
action and coordination among all the units and employees, improve productivity,
maintain effective control and develop overall working efficiency of the business.
Strategy and Business policy
Strategy is meant to fill in the need of organizations for a sense of dynamic direction,
focus and cohesiveness .Objectives alone do not fill in the need of organization. Strategy
provides an integrated framework for the top management to search for evaluation of
9. opportunities, to perceive and meet threats and crises to make full use of resources to
make major decision.
Strategy may be defined as long range blueprint of an organization’s desired image,
direction and destination what it wants to be, what it wants to do and where it wants to
go.
The concept of strategy is ancient. The word itself comes from the Greek Strategeia,
which means the art or science of being general. The connection that managers today
make between business and strategy is a relatively recent one. Only since World War II
has emerged that strategic planning and acting on those plans constitute a separate
management process- the process we call Strategic management.
Strategic management provides a disciplined way for managers to make sense of the
environment in which their organization operates, and then to act.
Stages in formulation of strategy
A number of framework have been developed for identification the major strategic
alternatives that organization should consider when choosing their business – level
strategies.
The several stages involved in formulating a strategy .
1. Determination of corporation vision, mission, and purpose
2. External environmental appraisal
3. Internal environmental appraisal
4. Gap analysis
5. Strategic search
6. SWOT analysis
Types of Strategies
1. Stability strategy
2. Growth strategy
3. Diversification strategy
4. Acquisition strategy
5. Retreat strategy
6. Combination strategies